I have participated in multiple Open Door Capital (ODC) offerings, and the results have been mainly poor. Most notably, I recently suffered a 100% loss of capital on the Heights on Katy investment. The issues are consistent across the board: Poor Results: Performance has consistently lagged behind initial projections. Absent Leadership: There is a lack of 'boots on the ground' operations. In my opinion, Brandon Turner has not been 'in the trenches' enough to maintain a pulse on performance or address mounting issues effectively. Delayed Communication: Updates are provided a month or more later when comparing to other operators I am invested with. High-Risk Financing: I believe ODC over-leveraged short-term variable-rate loans. In 2021-22 many inexperienced operators were doing deals because it was easy to raise the capital. It appears ODC prioritized closing deals and collecting fees over hedging against interest rate risk and market cycles. I will not be investing with ODC again.

I invested with ODC due to following Brandon Turner and wanting to support him with ODC. This was one of my first LP investments so I just trusted pro forma without the sponsor having the backing of a solid track record on bigger assets and in Houston, TX. On this particular deal they partnered with Disrupt Equity as the property manager. Disrupt Equity appeared to be a solid local operator, however that turn out not to be the case, property lost occupancy and did not perform close to the projections. I would definitely say don't invest with Disrupt Equity as they dropped the ball in property management and I would say ODC has to go through growing pains of a newer sponsor trying to find their footing with their team, hires, etc. Currently this project has paused distributions over the past year and the total distribution is less than 1% annualized since investing late in 2022. Looking back I now tend to favor vertically integrated sponsors feeling like it limits this risk an you don't have to do due diligence on 2 sponsors.

We lost 100% of capital in the deal we participated. The deal struggled immediately out of the gate. Communicated last year expectation to lose 70% of capital but worked different avenues trying to save the deal. Once those avenues were exhausted, ended up having to sell at complete loss for the equity in our class of shares. Do not recommend.

Unfortunately I was advised I would have a 100% loss of capital invested into Heights on Katy. Management is friendly, but this is not acceptable.